TikTok Users Fall for a Bank 'Trick' That Turns Out to Be Fraud
You might have heard the old saying that there's no such thing as free money. But on TikTok, some people thought they'd found a trick around that, which ended up being nothing more than fraud.
Over a certain weekend, people started talking about a 'hack' involving Chase bank's ATM machines on TikTok. They believed the machines were messing up and let customers take out money immediately after depositing a check, without needing the check amount in their account first.
This might sound amazing, but it's actually just the same as writing a bad check—you're taking out money that isn't yours, which is illegal.
This whole mess blew up in just a couple of days. Users began posting and then deleting videos that showed their bank accounts tens of thousands of dollars in the negative.
Chase bank, while not giving specific details, knew about the issue and fixed it. They reminded everyone that depositing a check you know is bad and then taking the money is definitely fraud.
On TikTok, there are still jokes about how bad of an idea it is to commit a crime and then brag about it online. But the truth is, online spaces are full of risky or downright wrong financial advice.
For example, earlier in the year, a woman shared tips on how to use several credit cards to build credit quickly, which could be considered illegal. Then there are people who urge others to pour their savings into cryptocurrencies they don't fully understand, and those who promote shady multi-level marketing programs.
Giovanna Gonzalez, a TikTok user who offers financial guidance, says this isn't new. People with bad intentions gain popularity because they know how to market themselves, making videos that attract viewers—even those who aren't savvy with money get pulled in.
Being good at getting attention doesn't equal expertise, Gonzalez explains. But the problem is that when you see an easy way to make cash going viral, it's easy to get lured in.
Ellyce Fulmore, another finance expert on TikTok, wasn't shocked to see the Chase 'hack' rumor spread, given how tough times are financially for many. People are tempted by what seems like an easy fix to their money problems.
These 'quick wins' can be especially tempting when you see someone claiming to have made loads of cash from them. It creates an environment where people, especially those who might struggle with financial knowledge, feel they will miss out on important opportunities.
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Both Gonzalez and Fulmore agree that the key to avoiding getting tricked by online 'financial advice' is to always check the facts. Be skeptical about who's giving the advice and question their qualifications. They both stress that it's usually not safe to follow financial advice found on the internet.
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